Pandemic provides impetus for gov’t to kill resource development in Canada – by David Duval (Resource World – October19, 2020)

Throughout the history of advanced Western democracies there’s probably never been a year quite like 2020. Most of the wars Canada and its allies have fought were overseas (Europe and Asia), with virtually no danger to their citizens residing on home soil. Governments were not able to impose restrictions on its citizens like they are today in their efforts to fight the COVID-19 pandemic.

In Canada, the ruling Liberal government – aided by the New Democratic Party – is using the pandemic to implement a radical ideologically-driven agenda that would have been impossible had Canadians not felt threatened by a virus.

Among the most serious threats to our long-term economic security is the massive deficit that Canada is presently running – estimated to be at least $350 billion this fiscal year. (It’s hard to tell what the final number will be given the fact the government has not formally tabled a budget to parliament).

Equally as onerous is the fact there is no clear plan presented by the government on how it plans to pay it down the debt or when it will rein in spending. As of March 31, 2021, Canada’s federal debt is projected to be $1.43 trillion, an unprecedented level for a country with a population of less than 38 million.

Fitch Ratings has stripped Canada of its AAA credit rating and downgraded the country to an AA+ rating, stating it expects the federal government’s COVID-19 response measures to raise Canada’s debt to 115.1% of gross domestic product (GDP) in 2020, up from 88.3% in 2019.

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